Industry
Cunningham Lindsey Canada has rejoined the Canadian Independent Adjusters’ Association (CIAA), the organizations announced late last week. “We believe there are some positive initiatives underway and have come to an agreement to rejoin the CIAA,” noted Rob Seal, Cunningham Lindsey’s president noted in a statement. “We want to take an active role in pushing these […]
By Canadian Underwriter | February 25, 2013
1 min read
The Guarantee Company of North America has appointed Marilyn Horrick as national vice president for its Guarantee GOLD business segment, which caters to high net worth individuals. In the new role, effective Feb. 19, Horrick is accountable for all aspects of product, underwriting, branding, distribution, and supporting strategies to position Guarantee GOLD business, as well […]
Beazley Group PLC may in the future offer a cyber breach response service in Canada, suggests an article posted Monday to the Lloyd’s website. Beazley, a London-based Lloyd’s insurer whose offerings include property, reinsurance and a variety of liability coverages, announced earlier this month its Beazley Breach Response (BBR) is now available in Britain. BBR, […]
2 min read
The Ontario New Democratic Party continued Thursday to press the ruling minority Liberal provincial government to force insurance carriers to reduce personal auto premiums by 15%, while government members are focusing on implementing additional anti-fraud measures and the Insurance Bureau of Canada questions the NDP’s math. “So we’re saying a 15% reduction,” Gilles Bisson, NDP […]
By Canadian Underwriter | February 22, 2013
6 min read
AIG has reported a net loss of $4 billion for the fourth quarter of 2012, reflecting an after-tax loss of $1.3 billion from Hurricane Sandy. The insurer’s net income for the entire year was $3.4 billion, compared with $20.6 billion for the full year of 2011. Its after-tax operating income in Q4 2012 was $290 […]
More than four in five executives surveyed at North American insurance firms say they will benefit from an own risk and solvency assessment (OSRA), but a consulting firm suggests the carriers “have a long way to go” before completing their ORSAs. Towers Watson of New York announced Thursday some results from its survey of 539 […]
By Canadian Underwriter | February 21, 2013
Roughly 250,500 vehicles have been damaged from Superstorm Sandy, suggests a new estimate from the National Insurance Crime Bureau (NICB) in the United States. According to the preliminary estimate, New York’s number of damaged vehicles has increased to 150,000. The figures reflect insured losses based on the NICB’s claims data. The numbers also include claims […]
Allianz SE released Thursday its financial results for 2012, reporting gross written premiums in property and casualty of 46.9 billion Euros, up from 44.8 billion Euros in 2011. The Munich-based firm’s combined ratio in P&C for the full year was 96.3%, down from 97.8% in 2011. “Despite the effects of the storm Sandy, natural catastrophes […]
Global reinsurance giant Swiss Re has reported a net income of $4.2 billion for 2012, up significantly from $2.6 billion in 2011. The company’s P&C Re business net income rose to$ 3 billion in 2012, an increase of $1.9 billion from 2011. Swiss Re attributes the result to a combination of a 21.6% increase in […]
Economical Insurance has reported a 5.6% increase in gross written premiums for 2012 from the previous year, along with increasing its net income by 68% over 2011. The Waterloo, Ont.-based insurer reported consolidated net income of $43.2 million for the fourth quarter of 2012 compared to $37.5 million a year ago, an increase of $5.7 […]
By Canadian Underwriter | February 20, 2013
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